The stock had been moving in a range between the Rs317-260 range since third week of December 2008 till date.
On Monday, it struggled to break past the higher end of the trading range. A fall below Rs292 could see the stock collapsing towards the levels of Rs280 and below in next few trading sessions.
We recommend a SELL up to the levels of Rs300 for an initial target of Rs280. It is advisable to maintain a stop loss of Rs305 on all the short positions.